NV Residences condo launch packs in the crowds

NV Residences, the latest condominium development to hit the market, packed in the crowds on Hari Raya holiday.

The afternoon rain on Friday did little to dampen the interest of home-seekers, as hundreds turned up at NV Residences in Pasir Ris.

While many were there to browse and make enquiries, others came ready to hand over a cheque.

Market watchers said that despite the government’s recent measures to cool the property market, genuine buyers are still very much on the hunt for good investments.

Investors on the margins would be hit by the property curbs, though. But overall there is still sufficient demand, said a market watcher.

Colin Tan, Suntec Chesterton International’s head of research and consultancy, said: “For some investors and buyers who are on the margins, it would make them think twice or even go for smaller flats. But there are still lots of other people who are interested, so they probably more than make up for those who fall by the wayside.”

And there appears to be increased interest from Permanent Residents to buy private property in Singapore.

Daniel Lim, Huttons Asia’s senior associate director, said: “In order for them to buy an HDB resale flat now, they would have to give up their properties back home….perhaps due to this, the PRs are (now) more keen to buy private property.”

City Developments Limited, the developer of NV Residences, said another 40 units have been sold since Wednesday’s launch of the condominium. This brings the total number of units sold to 200 out of the 250 released so far.